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EUR/JPY

EUR/JPY 4-hour Forex ChartEUR/JPY 4-hour Forex Chart
EUR/JPY 4-hour Forex Chart

After last week’s channel breakout, EUR/JPY is in correction mode before carrying on with its pending reversal. Applying the handy-dandy Fib tool on the latest swing low and high on the 4-hour chart shows that the 50% retracement level lines up with the previous week low and an area of interest around the 121.00 handle. Stochastic is on the move down to indicate that sellers are still in control, but buyers could take over once the oscillator reflects oversold conditions. I’m already keeping my one good eye on a pullback setup for this one so I’m hoping the upcoming catalysts trigger a bounce soon!

  • WO: 120.85
  • Top WATR: 122.01
  • Bottom WATR: 119.69
  • PWH: 122.89
  • PWL: 120.81

GBP/JPY

GBP/JPY 1-hour Forex Chart
GBP/JPY 1-hour Forex Chart

More consolidation from Guppy! Last week I showed y’all how the pair is stuck inside a falling wedge pattern on the 4-hour chart, but now I’m seeing tighter consolidation on the 1-hour time frame. Price has been pacing back and forth between support at the 139.00 mark and resistance around the 140.50 minor psychological level, which is close to the previous week high. An upside breakout could push it up to the top WATR while a downside break could lead to a move towards the bottom WATR, depending on how the U.K. top-tier reports turn out.

  • WO: 139.46
  • Top WATR: 141.34
  • Bottom WATR: 137.59
  • PWH: 140.57
  • PWL: 138.58

EUR/GBP

EUR/GBP 4-hour Forex Chart
EUR/GBP 4-hour Forex Chart

Higher lows and lower highs… EUR/GBP is starting to form a symmetrical triangle on its 4-hour time frame as it is currently bouncing off the resistance. Stochastic is heading south so price could follow suit and make a test of the triangle support at the .8500 area or at least until the bottom WATR. Both the ECB and the BOE have signaled a slight shift to a less dovish monetary policy bias, with the latter seeing a surprise vote for an interest rate hike in their latest rate statement.

  • WO: .8663
  • Top WATR: .8753
  • Bottom WATR: .8573
  • PWH: .8787
  • PWL: .8662

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